Electrica posts over 335 ml lei in H1 2016 net profit, up 21 pct YoY

Electrica SA power supply and distribution corporation has posted an H1 2016 net profit of 335.911 million lei, up 21.23 percent from 277.085 million lei in the first half of 2015, according to results reported to the Bucharest Stock Exchange (BVB).

The company’s revenues in the reporting period totalled 2.679 billion lei, up almost 3.2 percent YoY (2.595 billion lei in H1 2015).

According to the report, the corporation distributed 8.7 TWh to 3.66 million users in the first half of 2016, which represents a 2 percent increase from the similar period of 2015.

In H1 2016, the corporation also supplied approximately 3.6 million final consumers with 5.5 TWh of electricity, up 9 percent from the similar period of the previous year. In the same period, electricity distribution revenues decreased by 62 million lei, or 5 percent, to 1.157 billion lei, compared with the first six months of 2015.

According to the report, the H1 2016 electricity supply revenues increased by 52 million lei, or 2 percent, compared with the first half of 2015, to 2.219 billion lei.

Electrica’s Energy purchase spending increased by 42 million lei, or 3 percent, to 1.332 billion lei in the six-month period that ended on June 30, 2016, from 1.289 billion lei in H1 2015.

The corporation’s investment in the power grid in the first six months of 2016 amounted to 184 million lei, up 9 million lei, or 5 percent, from 175 million lei in H1 2015.

The Romanian Government via the Energy Ministry is Electrica’s main shareholder (with a 48.78 pct stake, after its participation was diminished by an IPO), followed by the European Bank for Reconstruction and Development with 8.65 percent.

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